Kweichow Moutai Co., Ltd. (MOUTAI) financials

SHH · Consumer Defensive · Beverages - Alcoholic · 34,992 employees · CEO Li Wang

Price: CN¥1,392.05 +2.81%
Market cap: CN¥1.74T
Enterprise value: CN¥1.69T
Last report: Q3 '26 filed 2026-09-30
Next report: 2027-04-01 EPS est. CN¥14.67

Revenue (TTM)CN¥174B-0.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)65.1%-6.3 pp vs a year agoOperating income CN¥114B

Net income (TTM)CN¥82.2B-8.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)CN¥105B+28.0% vs a year agoCapex CN¥2.29B

Diluted EPS (TTM)CN¥65.66-8.5% vs a year agoSum of the last 4 quarters

Net cashCN¥50.7B+21.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: CN¥1.74T
Revenue: CN¥174B
Revenue growth: –
Profit margin: 47.1%
P/E: 21.2×
P/S: 10.0×
EV / EBITDA: 14.8×
Free cash flow: CN¥105B
Net income: CN¥82.2B
Revenue estimate: –
Earnings: 2027-04-01
Dividend: CN¥51.98

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-30): revenue missed by 1.4%, EPS in lineRevenue CN¥40.7B vs CN¥41.3B expected (-1.4%); EPS CN¥15.43 vs CN¥15.39 (+0.3%).
Revenue growth accelerating: 3.0% year on yearQ3 '26 revenue CN¥41B, against an average of -0.2% over the four quarters before.
Operating margin 65.1% (TTM), -6.3 pp on a year agoOperating income grew -9.0% while revenue grew -0.2%.
Capex 1.3% of revenue (a year ago 2.3%)CN¥2.29B invested in the last 4 quarters (-43.9% on a year earlier). Free cash flow CN¥105B = 128.1% of net income.
Returned CN¥30B to shareholders = 28.5% of free cash flowBuybacks CN¥147 (a year earlier CN¥467), dividends CN¥30B, stock-based pay CN¥0 (TTM).
Diluted share count down 0.2% in a year1.25B diluted shares in Q3 '26, 1.25B a year earlier.
Net cash CN¥50.7BCash + short-term investments CN¥50.9B, debt incl. leases CN¥262M; a year ago net cash CN¥41.7B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	CN¥41B	CN¥39.8B	+3.0%
Gross margin	89.7%	91.3%	-1.6 pp
Operating income	CN¥27.3B	CN¥26.6B	+2.9%
Operating margin	66.7%	66.7%	-0.1 pp
Net income	CN¥20B	CN¥19.2B	+3.8%
Diluted EPS	CN¥15.96	CN¥15.35	+4.0%
Operating cash flow	CN¥13.4B	CN¥25.1B	-46.8%
Capex	CN¥618M	CN¥687M	-10.0%
Free cash flow	CN¥12.8B	CN¥24.4B	-47.8%
R&D	CN¥32.7M	CN¥39.2M	-16.5%
Stock-based compensation	CN¥0	CN¥0	–

Reported vs consensus

2026-10-30

	Actual	Consensus	vs consensus
Revenue	CN¥40.7B	CN¥41.3B	-1.4%
EPS (as estimated)	CN¥15.43	CN¥15.39	+0.3%

From the report of 2026-10-30 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: CN¥108B
Capex: -CN¥2.29B
Buybacks: -CN¥147
Dividends: -CN¥30B
Acquisitions: CN¥95.8K
Net debt issued: CN¥0
Stock-based compensation: CN¥0
Free cash flow: CN¥105B
Returned to shareholders / FCF: 28.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	21.2×	31.0×	21.0× – 49.1×
EV / EBITDA	14.8×	21.3×	14.5× – 33.4×
EV / Sales	9.7×	17.0×	10.8× – 27.0×
Price / FCF	16.5×	39.2×	21.8× – 69.1×
Price / Book	6.4×	9.9×	7.1× – 13.6×
FCF yield	6.0%	3.0%	1.4% – 4.6%
Return on invested capital	30.1%	30.3%	25.2% – 33.6%
Return on equity	31.7%	32.9%	27.7% – 37.0%

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01